New Trust Reporting Menu
We want to bring to your attention changes that may affect you in the coming tax season and throughout 2024:
- Reporting by Trusts
- Underused Housing Tax
- Toronto Vacant Housing Tax – YOU ARE HERE
- Sales of residential Real Estate
- Canada Pension Plan
- Home Office Expenses
- Prescribed Interest Rates
- Tax-Free Savings Account Contribution Limits
- Changes to Ontario Business Registry
- Not-for-Profit and Charitable Organizations
Toronto Vacant Home Tax
Owners of properties in Toronto that are classified as residential within the residential property tax class are required to declare the occupancy status of their property every year, even if they reside there. The 2023 filing deadline is February 29, 2024.
The main exemptions are where the property is a principal residence of the owner or occupied by a tenant.
For those residences that are determined to be vacant for more than six months during the previous year are subject a Vacant Home Tax (VHT) of 1% of the Current Year Assessment in 2023. For 2024 and future years, the tax rate will increase to 3%.
Payment of the VHT is due in three equal instalments on the due dates of May 15, June 17 and July 15, 2024.